• Leveraged loan issuance totals $513.01 billion year to date
• JPMorgan top leveraged loan arranger in October
• Leveraged loan issuance totals $75.14 billion in October
New York, Oct. 31 - JPMorgan continued its reign as number one arranger of leveraged loans for the year so far, further expanding its lead over the number two bank, according to data compiled by Prospect News.
Through the end of October, JPMorgan is $17.4 billion ahead of Banc of America, which itself pushed up to second place from third at the end of September.
For the year through September, JPMorgan was $11.9 billion ahead of Citigroup, then positioned at number two, while for the year through August, JPMorgan's lead was $4.0 billion, again over Citi.
Large deals for Hexion Specialty Chemicals, Inc. and Idearc Inc. (Verizon Directories Disposition Corp.) contributed to JPMorgan's gains.
JPMorgan is joint lead with Bear Stearns on the $6.5 billion facility for Idearc and joint lead with Credit Suisse on the $2.05 billion facility for Hexion.
JPMorgan has been number one since May when it pushed off Banc of America, which had been first for the year through April. Citigroup had been the leader for January, the year through February and the year through March.
JPMorgan placed first for 2005.
Meanwhile new deal volume for the month surged to $75.1 billion, almost double September's $39.5 billion, and the largest monthly amount since June's $80.21 billion.
A big contributor to the spike was $16.8 billion facility for HCA, Inc. which launched on Oct. 24. JPMorgan was involved as a lead in this deal although it did not contribute to the bank's widening lead over Citigroup since Citi had a similar role - and Banc of America is also a lead arranger on the offering.
In addition to the Idearc deal, October's activity also got a boost from MGM Mirage's $7 billion facility.
Year-to-date volume is now $513.0 billion, 66% ahead of the $309.4 billion at the same stage in 2005.
The Prospect News figures cover dollar-denominated deals in the United States. Credit for deals is divided among the lead arrangers.
Year to date 2006
2005 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | JPMorgan | 87.925 | 178 | 17.14% | 1 | 62.938 | 148 | 20.34%
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| 2 | Banc of America | 70.565 | 158 | 13.76% | 2 | 39.730 | 133 | 12.84%
|
| 3 | Citigroup | 65.504 | 83 | 12.77% | 3 | 36.863 | 82 | 11.91%
|
| 4 | Credit Suisse | 41.604 | 122 | 8.11% | 4 | 25.294 | 92 | 8.17%
|
| 5 | Deutsche Bank | 29.024 | 64 | 5.66% | 5 | 21.741 | 52 | 7.03%
|
| 6 | Goldman Sachs | 21.135 | 59 | 4.12% | 8 | 13.663 | 40 | 4.42%
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| 7 | Wachovia | 20.126 | 68 | 3.92% | 7 | 14.448 | 56 | 4.67%
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| 8 | Merrill Lynch | 18.884 | 48 | 3.68% | 10 | 6.054 | 24 | 1.96%
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| 9 | Morgan Stanley | 16.619 | 38 | 3.24% | 13 | 4.879 | 21 | 1.58%
|
| 10 | UBS | 14.965 | 58 | 2.92% | 9 | 7.145 | 32 | 2.31%
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| Total | 513.014 | 865 | 309.445 | 668 |
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| Average size: | 0.593 | 0.463 |
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| October 2006
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| | | | | 2005 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 14.232 | 20 | 18.94% | 1 | 9.264 | 19 | 25.66%
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| 2 | Banc of America | 10.756 | 16 | 14.31% | 3 | 3.973 | 15 | 11.01%
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| 3 | Bear Stearns | 6.758 | 9 | 8.99% | 15 | 0.706 | 3 | 1.95%
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| 4 | Credit Suisse | 6.390 | 18 | 8.50% | 5 | 1.947 | 7 | 5.39%
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| 5 | Deutsche Bank | 6.097 | 9 | 8.11% | 6 | 1.732 | 5 | 4.80%
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| 6 | Morgan Stanley | 4.520 | 8 | 6.02% | 17 | 0.392 | 3 | 1.08%
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| 7 | Wachovia | 4.325 | 8 | 5.76% | 12 | 0.863 | 3 | 2.39%
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| 8 | Citigroup | 4.107 | 7 | 5.47% | 2 | 4.467 | 11 | 12.37%
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| 9 | RBS | 3.635 | 2 | 4.84% | 18 | 0.355 | 2 | 0.98%
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| 10 | Merrill Lynch | 3.618 | 5 | 4.82% | 7 | 1.298 | 3 | 3.60%
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| Total | 75.141 | 89 | 36.099 | 79 |
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| Average size: | 0.844 | 0.457 |
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| Prospect News Leveraged Loan Arranger Rankings
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Criteria
• The tables include dollar-denominated deals offered in the United States and reported to Prospect News.
• Deals must be $75 million or bigger for inclusion.
• All loans are leveraged: either the interest rate margin is 150 bps or higher or they are rated speculative-grade by Moody's Investors Service or Standard & Poor's.
• Includes amended and restated loans where the maturity or size is changed but not repricings.
• Offerings are included in the time period in which the bank meeting was held (if available), otherwise the earlier of settlement date or date reported to Prospect News.
• Numeric totals are for the number of deals (not tranches).
• DIP facilities are included; bridge loans are excluded.
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